Consolidated Ramrod Gold (TSE) will acquire a 78% interest in the Railroad property in Nevada’s Carlin Trend.
It can acquire the interest from Westmont Gold by paying US$4 million over 42 months. The remaining 22% participating interest is held by Cyprus Amax Minerals (NYSE).
The 30-sq.-mile concession hosts three near-surface gold deposits, the largest of which contains mineralization grading as high as 0.75 oz. gold per ton.
Preliminary estimates put the total geological resource at 4.2 million tons grading 0.047 oz. gold.
Ramrod plans to extend the known deposits as well as test other targets on the property, situated southwest of Elko Cty., Nev.
Meanwhile, the company is planning more exploration work on its Fors and Vine joint ventures with Barkhor Resources (VSE) and Chapleau Resources (VSE) near Cranbrook, B.C.
The work will include six deep holes totaling 12,500 ft. The drilling will test three target areas for Sullivan-type massive sulphide mineralization. Ramrod holds a 60% interest in the two properties while Barkhor and Chapleau each have 20%.
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